Pages

Thursday, February 2, 2012

Option 2 for financing - down the hole...

Well, we pursued another option for financing and it has turned out, 3 days later, that option has fallen through. Due to some short-sales and pre-foreclosures in our past, we're having to involve other people in our financing option.  It's a huge ask!  I'm not offended that this last option fell through.  The family member called me last night and said that they did a risk analysis - if something catastrophic happened to Mike or I, then they would become liable.  It is a huge ask when they have a family and are responsible for their own housing expenses and everything.  Now, Mike and I don't ever plan on this falling back on the responsibility of the family member but the reality is, we don't know the future.  Something catastrophic could happen.  So, we're on to our next option - a new family member. This will be our last ask. If it doesn't work out, then we will have to rent and pursue buying a house in a year or so.  We did learn that with several foreclosures put on hold last year, we will only see an increase this year.  If that is the case, our options of a great house can only increase as we wait for the right financing options (or the stars to align).

This is hard for us.  We started this marriage saying we wouldn't intertwine family and money.  And yet, we're breaking that rule.  

No comments:

Post a Comment